PagSeguro 1Q26 Conference Call Highlights

研报英文原文证据摘录

PagSeguro 1Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

12 May 2026

PagSeguro Neutral

PAGS, PAGS US

1Q26 Conference Call Highlights Price (12 May 26):$9.78

Latin American Financials

PAGS hosted its 1Q26 conference call this evening – main highlights below. Guilherme Grespan AC

(55-11) 4950-3058

Gross profit guilherme.grespan@jpmorgan.com

Banco J.P. Morgan S.A.

• Expect to converge to guidance range (1% 1Q26 vs 6-9% guidance). Yuri R Fernandes

• Main levers: (1) expansion in operation (payments and banking); (2) harder (1-212)yuri.r.fernandes@jpmorgan.com622-3400

comp base in 1Q26; (3) Selic more supportive ahead. J.P. Morgan Securities LLC

• Does not believe payments gross profit / TPV is a good metric (down from Fernanda Sayao

4.45% to 3.84%). Remains committed to reaching the FY guidance. (55-11) 4950-6588

fernanda.sayao@jpmchase.com

• As see reduction in rates and credit operations mature, expect to see higher Banco J.P. Morgan S.A.

gross profit growth next years. Diego Marquez Antonio

(52-55) 5339-94899

Deposits diego.marquez@jpmorgan.com

• Trying to mitigate the higher Selic in different ways. Implemented some J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

reduction in terms of remuneration for CDs and checking accounts.

• Should continue to see more initiatives to enhance funding cost going forward.

Loans

• Working capital was the main driver behind loan growth and already accounts

for ~10% of the portfolio. Feel confident to continue growing working capital

originations Q-o-Q.

• Working capital is a high yield product so is not a product that aims at

optimizing NPL but risk-adjusted margins. Credit cards grew 7% Q-o-Q, but

being more conservative given longer payback. Asset quality remains under